The Jet Li and Jackie Chan starrer has been given a name, The Forbidden Kingdom and has been taken up by Lionsgate and the Weinstein Company.

They are planning a September 2008 release looking to the US, UK, Spain, France and Latin America. The story from Variety tells us a little bit more about the film:

Based on the Chinese legend of the monkey king, story revolves around an American teenager who discovers the king's legendary stick weapon in a pawn shop. Teen is transported back in time to ancient China, where he joins a crew of warriors fighting to free the imprisoned king. Li is set to play two roles, that of the monkey king and the silent monk. Chan will pay the monk T'sa-Ho.

I'm really excited about seeing these two martial arts heros together on screen, my only concern is that they are flaunting this story as an action adventure with some fight scenes, which might suggest they are trying to follow the Hollywood route of Chan's career. I really hope they aren't.